Senate Bill S7223A

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7223--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               June 7, 2021
                                ___________
 
 Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee on Civil Service and Pensions in accordance with Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 AN  ACT  authorizing  Carl Spatola to receive a refund from the New York
   state teachers' retirement system
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Notwithstanding the provisions of subdivision b of section
 902 of the retirement and social security law, Carl  Spatola  a  Tier  4
 member of the New York state teachers' retirement system who was former-
 ly  a  member  of  the New York city teachers' retirement system with 12
 years 1 month of service  credit  who  then  paid  contributions  as  an
 employee  of the Amityville school district during the period October 1,
 2000 through June 30, 2004 and initiated a transfer from  the  New  York
 city teachers' retirement system to the New York state teachers' retire-
 ment  system during the school year ending June 30, 2005, shall be enti-
 tled to a refund of the accumulated three percent contributions paid  to
 said  retirement  system  for  the  period in which the transfer was not
 initiated and cessation date was not established if  an  application  is
 filed within one year of the effective date of this act.
   § 2. All costs associated with the implementation of this act shall be
 borne  by  the  employers of the members of the New York state teachers'
 retirement system.
   § 3. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This bill would allow Carl Spatola, a Tier 4 member of  the  New  York
 State Teachers' Retirement System (NYSTRS), who was formerly a member of
 the New York City Teachers' Retirement System (NYCTRS) and who initiated
 a  transfer from NYCTRS to NYSTRS during the school year ending June 30,

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10644-05-2
              

 S. 7223--A                          2
 
 2005, to receive a refund of his accumulated 3%  contributions  paid  to
 NYSTRS  for  the  period in which the transfer was not initiated and the
 cessation date was not established. Mr.  Spatola  must  file  a  written
 request  with the head of the New York State Teachers' Retirement System
 within one year of the effective date of this bill.
   This bill would generate a cost equal to the refund of the accumulated
 member contributions paid by Mr. Spatola to NYSTRS during  this  period,
 which  is  estimated  to  be  $23,000.  This  cost is to be borne by the
 employers of members of the NYSTRS.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System. Data distributions and statistics can be found in  the  System's
 Annual  Report.  System assets are as reported in the System's financial
 statements and can also be found in the System's Annual Report. Actuari-
 al assumptions and methods are provided in the System's Actuarial  Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
   The  source  of this estimate is Fiscal Note 2022-30 dated May 2, 2022
 prepared by the Office of the Actuary of the New  York  State  Teachers'
 Retirement  System and is intended for use only during the 2022 Legisla-
 tive Session. I, Richard A. Young, am the Chief Actuary for the New York
 State Teachers' Retirement System. I am a member of the American Academy
 of Actuaries and I meet the  Qualification  Standards  of  the  American
 Academy of Actuaries to render the actuarial opinion contained herein.